Roaring 20’s Kick-Off with 9.6% Increase in Median Sale Price Overall
January Inventory Decreases by 7.1%
January Real Estate Market Commentary
For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices.
“National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the longterm
NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and
others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains
in that segment.
Closed Sales decreased 4.1 percent for Residential homes and 1.3 percent for Condo homes. Pending Sales increased 3.2
percent for Residential homes and 13.4 percent for Condo homes. Inventory decreased 9.2 percent for Residential homes
but increased 9.7 percent for Condo homes.
The Median Sales Price increased 9.7 percent to $170,000 for Residential homes and 4.0 percent to $162,800 for Condo
homes. Days on Market increased 7.8 percent for Residential homes and 6.4 percent for Condo homes. Months Supply of
Inventory decreased 11.1 percent for Residential homes but increased 13.6 percent for Condo homes.
We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors
should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of
optimism for the coming spring market.
Single-Family Real Estate Points of Interest:
- Closed sales decreased by 3.7% from 4,837 to 4,656 for the month of January Y-O-Y.
- Median Sales Price increased by 9.6% from $155,100 to $170,000 for the month of January Y-O-Y.
- An average of 8 showings per listing were conducted in January, which is up by one day Y-O-Y.
- Days on Market increased by 4 days Y-O-Y from 51 to 55.
- 2.9% of Residential and Condo On-Market listings are flagged as “lender mediated”. This includes foreclosures and short sales. This percentage is down by 1% compared to last year based on the recalculated percentage for January 2019.
Realcomp “ALL MLS” Historical Median Sales Price by Month:
Listing and Sales Summary Report: